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richard's_tax
Level 3

Form 1116 Part III, line 16, adjustments to foreign taxable income

If you have carryover capital losses in excess of any current year gains, TurboTax will reduce your income by up to $3000.  If any fraction of this $3000 could be attributed to past foreign source loses like the sale of a mutual fund investing in international stocks, must it be factored into any required adjustments on Form 1116 Part III, line 16, adjustments to foreign taxable income or more generally, does it impact your FTC calculations in any way?  Unless I missed it, TurboTax has asked no questions that would suggest it impacts the maximum allowable credit.

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